Uruguay has made substantial progress in achieving macroeconomic stability since the economic crisis of 2002. As it consolidated its macroeconomic stability, the main challenge for the country was to transition to sustained growth by improving its business climate and setting the conditions for private sector-led growth. Capital markets reform was, therefore, an important priority for the government. With reasonable access to funding in both US dollar (USD) and Uruguayan peso (UYU), it was important for Uruguay to have a sound debt management strategy. The authorities had strengthened their debt management policies and gradually improved the structure of public debt.